Montgomery County real estate briefs: Week of July 2

Number of homes sold increased in Philadelphia market in May

The Philadelphia real estate market experienced an increase in the number of homes sold in May, according to The Long & Foster Market Minute reports. The greater Philadelphia real estate market includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The number of homes sold increased in the Philadelphia region last month. In both Chester and Philadelphia counties, the number of homes sold increased by 12 percent, followed by Bucks County with an increase of 10 percent. Delaware County experienced a 9 percent increase in home sales, and Montgomery County experienced a 6 percent decrease.

When compared to last year, the Philadelphia region saw median sale prices increase in May, with Montgomery County experiencing a 9 percent increase. In Chester County, the median sale price increased by 7 percent, followed by both Delaware and Philadelphia counties with a 5 percent increase. In Bucks County, the median sale price rose by 4 percent.

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Levels of active inventory decreased throughout the region in May. Bucks County experienced a 28 percent decline, while active inventory fell by 27 percent in Philadelphia County. In Montgomery County, active inventory decreased by 22 percent, and in Delaware County, it decreased by 18 percent. Chester County experienced a 16 percent decrease in active inventory.

Homes are continuing to sell at a steady pace, with many selling in about two months or less on average. According to May data, the days on market (DOM) average was 48 days in Philadelphia County and 50 days in Chester County. In Montgomery County, the DOM average was 53 days, and in Bucks County, the DOM average was 55 days. Delaware County experienced a DOM average of 60 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales last month, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”

Weichert sales associates honored

Tuner was the top listing associate in the Blue Bell office for the month, while Loughery led for sales.

John Bilek, regional vice president of Weichert, Realtors, announced the Jenkintown office was recognized for success in May. The office led its Weichert sales region, which is composed of locations throughout the Main Line, Bucks, Chester, Delaware, Montgomery and Philadelphia counties in Pennsylvania and New Castle County in Delaware, for new home dollar volume, resale listings, resale revenue units and resale dollar volume.

In addition, sales associates Elaine Glauberman and Jeff Chirico were recognized by George Koser, manager of the Jenkintown sales office, for outstanding performance in May. Glauberman had the most listings of all associate in the Jenkintown office during the month, while Chirico led the office for sales.

Hoban was the top listing associate in the Whitemarsh office for the month, while Reeves led for both listings sold and revenue units. Malkin led all associates in the office for marketed listings in May, and Leysath was tops in sales for the month.

Berkshire Hathaway holds Leadership Academy graduation

“With several graduates becoming our newest office managers, this program has proven to be quite a success,” said Joan Docktor, BHHS president. “I am pleased to honor these sales associates who represent the future of our company.”

The goal of this program is to develop future leaders of the company. Participants gain knowledge and develop new skills and experiences that help them grow personally and professionally, with the added goal for many to hone their leadership skills. The academy is an eight-session course that covers topics including vision and culture, coaching, retention and communication and personality styles. Participants are chosen by the company’s senior leadership.